Saturday, September 6, 2025
  • Login
Forbes 40under40
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle
No Result
View All Result
Forbes 40under40
No Result
View All Result
Home Real Estate

Wilmar to buy over Nigeria-incorporated palm oil business from British joint venture partner for US$70 million

by Stephanie Irvin
in Real Estate
Wilmar to buy over Nigeria-incorporated palm oil business from British joint venture partner for US million
Share on FacebookShare on Twitter


[SINGAPORE] Wilmar International is buying the remaining stake it does not already own in a Nigeria-incorporated palm oil business from its joint venture partner, British manufacturer PZ Cussons, for US$70 million.

Once its acquisition of the 50 per cent equity stake in PZ Wilmar held by the London Stock Exchange-listed company is complete, Wilmar will hold 100 per cent equity in the palm oil business, the group said on Wednesday (Jun 18).

This purchase comes as Wilmar intends to invest in the Nigerian palm oil sector, which offers “significant opportunity” for growth in the food and nutrition business, given the country’s strong market demographics with more than 200 million consumers, said the group’s chairman and chief executive Kuok Khoon Hong.

“We are bullish on the long-term potential of Nigeria’s palm oil sector, given its large and growing population and suitability for palm cultivation,” he said.

Wilmar intends to continue developing the upstream palm plantation and downstream businesses in Nigeria, he added.

The conditional acquisition is slated to complete in the last quarter of 2025, subject to relevant approvals, and will be funded by internal resources.

BT in your inbox

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

It is not expected to have material impact on the consolidated net tangible assets and earnings per share of Wilmar Group, the parent company of Wilmar International, for the financial year ending Dec 31.

The transaction is not expected to have substantive impact on PZ Wilmar’s people or operations, the group added.

PZ Wilmar was established in 2010 as a joint venture between PZ Cussons and Wilmar International, with each holding a 50 per cent stake.

It sells edible cooking oils under the brand names Mamador and Devon King’s and owns minority stakes in two palm oil plantations in the country, which are majority-owned by Wilmar International. 

PZ Wilmar’s name will be changed once the transaction is complete.

The group clarified that PZ Cussons’ subsidiary PZ Cussons Nigeria does not hold shares in PZ Wilmar and will not be affected by the transaction.

Shares of Wilmar fell to their lowest levels in more than five years at S$2.89 on Wednesday. As at 1.25 pm, it is trading 3 per cent or S$0.09 lower at S$2.92.

Tags: BritishBusinessBuyjointMillionNigeriaincorporatedOilPalmPartnerUS70VentureWilmar
Stephanie Irvin

Stephanie Irvin

Next Post
EDB, US aerospace giant RTX sign MOU to invest, partner in AI and skills development  

EDB, US aerospace giant RTX sign MOU to invest, partner in AI and skills development  

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Forbes 40under40 stands as a distinguished platform revered for its commitment to honoring and applauding the remarkable achievements of exceptional individuals who have yet to reach the age of 40. This esteemed initiative serves as a beacon of inspiration, spotlighting trailblazers across various industries and domains, showcasing their innovation, leadership, and impact on a global scale.

 
 
 
 

NEWS

  • Forbes Magazine
  • Technology
  • Innovation
  • Money
  • Leadership
  • Real Estate
  • Lifestyle
Instagram Facebook Youtube

© 2025 Forbes 40under40. All Rights Reserved.

  • About Us
  • Advertise
  • Contact Us
No Result
View All Result
  • Home
  • Technology
  • Innovation
  • Real Estate
  • Leadership
  • Money
  • Lifestyle

© 2024 Forbes 40under40. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In